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Home Buyers Find Market Isn't What They Expected

by Roberts Johnson and Rachel Diedrich, Real Estate B

Home Buyers Find Market Isn't What They Expected

A shortage of “move-in ready” homes and bidding wars over houses in good condition are leaving potential buyers scrambling to find a home to buy, according to media reports.  Be the 1st to get new listings.

Housing inventories have sunk nationwide, leaving home shoppers with fewer options. Bidding wars are back, and in some markets the shortage is prompting buyers to try to bid on homes even before they are listed, reports The Los Angeles Times.  How much is your home worth?

In April, the number of for-sale homes was 2.5 million, which marks the lowest number for an April since 2006, according to National Association of REALTORS®’ housing data.

“The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami,” The Los Angeles Times reports. “Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales.”  Homes by email, be the 1st to see new listings as they hit the market.

While buyers are suddenly feeling a sense of urgency, sellers are feeling they can wait, says Glenn Kelman, chief executive of Redfin. 

Meanwhile, investors are snatching up bank-owned properties at bargains, new construction remains at historic lows, and home owners are taking a “wait-and-see-approach” before they list their homes. That’s left many buyers scrambling to find a property.  Get your daily bank owned Denver homes.

Some home owners are hesitant to sell, held back by negative equity and waiting for more of a bounce-back in home prices before they list.

"With the downturn, it seems like there are a lot of people who have been waiting in the wings to pounce, and because the rates are low, there is just a lot more competition," says one LA-area home shopper, Eddie David, who says he and his wife have been outbid on three different properties recently. "We tried to get in on a couple other homes, and even though it had been just a week or two weeks, it was just too late."

Source: “Shortage of Homes for Sale Creates Fierce Competition,” The Los Angeles Times (June 10, 2012)

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Colorado Foreclosures Down

by Roberts Johnson and Rachel Diedrich, Real Estate B
business

Colorado metro foreclosure filings, sales down so far this year

Updated: 09/16/2011 02:52:08 AM MDT

(Associated Press file photo)

Foreclosure filings and sales in Colorado's metropolitan counties were down during the first eight months of this year compared with the same period of 2010, the Colorado Division of Housing said Thursday.

August was the ninth consecutive month in which both filings and sales were down when compared with the same month a year ago, said Ryan McMaken, an economist for the division.

Foreclosure filings from January through August fell 31.4 percent, to 16,481 filings, compared with 24,032 filings during the same period last year.

Foreclosure sales at auction were down 18.5 percent during the same eight-month period.

There were 11,502 sales at auction from January through August of this year, compared with 14,114 during the same period last year.

However, from July to August of 2011, foreclosure filings increased 34.2 percent and sales at auction rose 32 percent. Foreclosure filings hit a six-month high in August, while foreclosure sales at auction reached a two-month high.

"This sizable increase from July may signal that some lenders are beginning to process foreclosures more quickly, or it could be due to the increase in new mortgage delinquencies reported during the second quarter," McMaken said.

He said all metro counties showed decreases in foreclosure filings and sales in the year-to-year comparisons.

Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com



Read more: Colorado metro foreclosure filings, sales down so far this year - The Denver Post http://www.denverpost.com/business/ci_18905989#ixzz1YRD9WGTL
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Good news for Denver! Foreclosures in Colorado are down!

by Roberts Johnson, Realtor

Foreclosure filings fell 2 percent in Colorado last year, while the number of completed foreclosures fell 16 percent compared with 2007, according to a report Monday from the Colorado Division of Housing.

Public trustees recorded 39,307 foreclosure filings in the state last year, compared with 39,915 in 2007. The number of "completed" foreclosures,   those that went to auction, fell from 25,320 in 2007 to 21,301 in 2008.

Foreclosure-prevention efforts, an extension of the time borrowers have to rework troubled mortgages and a more accommodative stance by lenders, are keeping more foreclosures from reaching auction, said Ryan McMaken, a spokesman for the Colorado Division of Housing

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